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COVID-19 Government Deposits Tracker

Highlights for Eurozone

  • General Government Deposits increased by €47.4bn (10.0%, Δ 1 Week) to a total of €522bn
  • Largest increase in 8 weeks (in €)

Highlights for Germany

  • General Government Deposits increased by €20.9bn (12.1%, Δ 1 Week) to a total of €194bn
  • Largest increase in 17 weeks (in €)

What are we looking at?

Government Deposits are a liability item in a central bank’s balance sheet. Charts on this page cover volume development, growth, and seasonality of Government Deposits with the ECB and Deutsche Bundesbank. The data is updated on a weekly basis.

Why are we looking at it?

General Government (central, state and local governments) hold a substantial part of their cash reserves with central banks. The German central government is holding its cash reserves almost exclusively with Deutsche Bundesbank. Normally, we would not care much about cash deposits, as governments can raise cash easily on debt capital markets. During COVID-19, however, governments initially raised too much cash which was not spent but parked at central banks. During the 2nd wave of COVID-19 we are now monitoring how governments cash is spent and how deposits decline.

Last ECB data per 15.01.2021 and last Bundesbank data per 15.01.2021.